Replaceable coupling beams (RCBs) with different types of dampers have gained significant attention in coupled shear walls for enhancing seismic performances in high-rise buildings, showing superior advantages to conventional reinforced concrete coupling beams (RCCBs). Recently, the authors proposed the hybrid lead viscoelastic damper (HLVD), and its basic mechanical behaviors were experimentally studied. This paper used the HLVD as a replaceable fuse and installed it in the coupling beam to form a new RCB, i.e., lead viscoelastic coupling beam (LVCB). To examine the seismic performance of the LVCB, experimental and numerical studies were carried out in the present study. Quasi-static tests were conducted to comparatively investigate the seismic performances of the RCCB and LVCB. The experimental findings revealed that the RCCB experienced shear failure with severe pinching behaviors under cyclic loadings, while the LVCB exhibited a resilient behavior, showing favorable energy dissipation capacity with a ductile deformation capacity exceeding a rotation angle of 0.04 rad. The LVCB also demonstrated excellent recoverability in repeatability tests, proving its merit for maintaining post-earthquake functionality. Numerical simulations indicated that adjusting the lead rods of the LVCB could conveniently enhance the load-carrying capacity and energy dissipation capacity of the LVCB. The isolated floor slab was recommended as a low-damage control solution for the LVCB to facilitate post-earthquake replacement.